India, the Largest Buyer of Russian Oil, Plans to Significantly Reduce Purchases

India, the largest buyer of Russian oil, which has been supplying every second barrel from the ports of the Russian Federation, plans to sharply reduce its purchases. The country's dependence on Russian oil is expected to decrease significantly, as stated by the Minister of Energy, Hardeep Puri, in an interview with Bloomberg.

According to Puri, Indian oil refineries, which had increased their purchases from Russia more than 40 times since the start of the war, will shift to the Middle Eastern market.

“Oil prices from the Gulf have become significantly more attractive,” Puri noted.

It is worth mentioning that Russian oil has become more expensive for India after President Vladimir Putin demanded to limit its discounts. The average selling price of Urals, according to the Russian Ministry of Finance, was $64.37 per barrel.